The SEC has revealed that it views cryptocurrencies like Bitcoin as “replacements for sovereign currencies,” and has definitively deemed them as falling outdoors the umbrella of securities’ regulation. ICOs, then again, are securities — and there’s no room for argument.

‘These are replacements for sovereign currencies’

US Securities and Trade Fee chairman Jay Clayton spoke with CNBC’s Bob Pisani earlier this week about which cryptocurrencies are and usually are not securities. Although he didn’t reply questions on a cryptocurrency-by-cryptocurrency foundation, he did state definitively that Bitcoin shouldn’t be a safety. Fairly, he claimed it’s a substitute for fiat currencies.